Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-01-15
What a British Bondholder Says.

We received yesterday the following lel-
ter from gentleman residing iu London.
We fear that the Dispatch has none too
good a reputation among the British bond.
holders but they do not seem TO hesitate
for that reason to ask us to allow them to be
heard through our columns.
We sre pleased TO learn front his letter,
or rather to infer from its contents, that the
bondholders know a good deal more now
than they did few years ago as to the dual
nature Of the government or governments
OF this country. We suspect that Mr..
WARNER would not have thought OF advo.
eating a compromise year ago. Now he
declares that the present Is ga favorable OPP
portuuity TO arrive at compromise
What does be say1o the one proposed in
our paper a few days ago by b. b. Num-
FORD, Esq, a member of the Virginia Lee
gislaiure from Pittsylvania county.
We ought to add that Mr.. WARNER does
not understand al. III. BPS" letter as we
understood it. We supposed that L. II.
b." was acting upon General GRANTS sug-
gestion that the best way to get rid of
bad law was 10 enforce it rigidly. We
guess that al. II. b." will be amused as
well as surprised when he learns how seri-
ously Dir. WARNER treats his proposition to
repudate the State debt.
II, as Dir. WARNER says, the bOudhOlders
do not look to Virginia to pay their in'
terest at all, nor to pay their principal for
many years, they must be in proper frame
OF mind to deal literally with this inn
poyerjsbed old Commonwealth. Why not,
then. accept the RIDDLEBERGER PROPOSE
ton. The British Government pays only
per cent. interest. Virginia is willing to
nav az much, and we would fain trust that
she Is able TO pay $500, 900 year TO her
creditors. We know she could do so with.
out running herself if they all resided
within the limits OF this Commonwealth;
but we must insist that there is
n vast difference between paying
annually that large sum to persons
who will keep 1t in circulation here at
home, and sending it across the ocean never
to be seen agaln-between taking 1t out OF
one pocket to transfer ii to the other, and
taking 1t out Of your pocket never to be re-
turned tbither. But all Of us here in Vir-
ginia are ready to make almost any sort OF
sacrifice to raise the money which would
be needed TO psy interest with il the RID.
pLEBERGER bill should be accepted by our
creditors.
We are pleased that Mr.. WARNER admits
that il is possible the time may arrive when
the bondbolders may deem it to their in-
terest to accept the RIDDLEBERGER offer.
Finally, we are glad that Mr. WARNER
knows in what light General MALONE is
looked upon by the good people OF Vir-
GINA:
WEST H4SnSTEAD,l
LONDON, January l, 1887.
To the Editor Of the Dispatch, Richmond,
Va:
Sir,-In the Dispatch Of the 18th ultimo
there is letter headed The State debt
Repudiate it and see what relief repudia.
ton will bring" The writer, who signs
himself "L. Il. b." expresses il rs his
opinion that Virginia will not recede from
the Riddleberger bill for the reason that she
recommends an extra session OF the Legis-
Iature TO enact that all bonds not surren
dered for conversion by a fixed date should
be Iepudiated as TO principal and interest,
urging that this course should be taken eX-
perimentally in order to determine whether
reDudiatiOn is beneficial or Injurious.
II It be at all relevant to the controversy
for a bondhoder to express any opinion
upOn the point, perhaps you will be good
enough TO afford me space TO traverse the
suggestion or question.
III would not be becoming in me to eX-
press any opinion as to whether "the peo-
ple OF Virginia need be ashamed to shrink
from a formal act OF repudlatiOn," or
whether the experiment would be likely %
attain domestic concord aud prosperity"
but whether or no reputation Will benefit
virginia IL is surely evident that 1t cannot
injure her creditors. As your correspond
emf himself points out "as far as The Legis-
lature can repuGiate 1t has practically done
so by every device known to the highest le-
gal acumen." The fact is, OF course, that
the bondholders do not look to Virginia to
nav their interest at all, and they do not look
10 Virginia to pay their principal except al
Ter the lapse OF many years. But there is
this further reflection, which will occur TO
any candid mind who considers the desira-
bility OF the experiment which your cOrre-
spondent recommends. Virginia Is offering
20 her creditors an alternative security 10
that which they at present hold, and so long
as this exists Il is always possible that the
time may arrive when they may deem 1t TO
their interest to adopt 1t, but when the
value OF this is destroyed once and for all
by formal act Of Reputation the allerna-
tive will have ceased to exist, and the credi-
tors will cling to their taX-receiyable cou-
pous for what they may be worth TIL all
eternity.
1t is in no spirit OF defiance or fear OF
the State Of Virginia that | express it as
my opinion thar the present Is a favorable
opportunity to arrive at compromise, and
an intimate acquaintance with the nature
of the issue Involved iustIflts me IN saying
that, spaIt from party considerations, this
must be the real opinion OF the authors Of
readjustment. II Il, however, perhaps ma
turai that Malone should have more ter
rors for the present Government Of Viz
ginia than for me. Yours, obedlently,
ROBERT WARNER.
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The Electoral-Count Bill.